The Pitman Business had the following assets and liabilities on the year indicated:

December 31	Total Assets	Total Liabilities
2013	P380,000	P250,000
2014	P460,000	P310,000
2015	P590,000	P400,000

Pitman began business on January 1, 2012 with an investment of P100,000.

Instructions:

From an analysis of the change in owners equity during the year, calculate the profit (or loss)

for:

a. 2013, assuming Pitmans drawings were P15,000 for the year.

b. 2014, assuming Pitman made an additional investment of P50,000 and had no drawings in 2014.

c. 2015, assuming Pitman made an additional investment of P15,000 and had drawings of P30,000 in 2015.